SEATTLE--(BUSINESS WIRE)--Washington state’s life sciences industry contributed $11.4 billion to Washington’s Gross Domestic Product and an additional $7.1 billion in personal income, adding more than $18 billion to the state’s economic activity in fiscal year 2013.
The Annual Economic Impact of the Life Sciences Report, released by the Washington Biotechnology & Biomedical Association (WBBA) at the 10th Annual Governor’s Life Sciences Summit, also reported that since January 2014 more than $1.1 billion in transactions have occurred, surpassing nearly the $800 million in life sciences transactions in 2013.
The Report further underscores the critical role the life sciences industry plays in driving the state’s economy:
- The life sciences sector is the fifth largest industry sector in Washington.
- There are more than 500 life sciences organizations in the state, located in 74 cities.
- Washington’s life sciences industry provides more than 92,000 total jobs statewide, with more than 34,000 direct jobs in the life sciences. This represents more than 12 percent in job growth since 2007.
- The average wage in Washington’s life sciences sector is $83,000, well above the average wage of $53,000 in all other private sectors in the state.
“The Report’s findings reflect Washington’s resilient life sciences ecosystem during the recession and the state’s economic recovery,” said WBBA President & CEO Chris Rivera. “This is an exciting time in the industry, with many life-saving and life-changing innovations coming out of our state each year.”
The life sciences industry continues to be one of the fastest growing sectors in Washington state with more than 100 new startups in 2014. In addition, companies with long-standing presence in the state continue to cultivate new opportunities. Novo Nordisk has chosen to locate its North American obesity research site in Seattle, and Celgene recently announced it will establish a “center of excellence” in Washington. The state is also emerging as a leader in the digital health sector.
With this strong momentum, the WBBA aims to position Washington as the global leader in life science innovation and health care delivery. For more information, visit www.washbio.org.
About the WBBA
The Washington Biotechnology & Biomedical Association (WBBA) has nearly 650 member organizations and is an independent, non-profit 501(c)(6) trade association serving the life sciences industry in the state of Washington. It is completely resourced and supported by its members, including organizations engaged in, or supportive of, research, development and commercialization of life science innovation. The WBBA’s mission is to support and help grow Washington state’s life sciences ecosystem, driving its core strategic focus on:
- Innovation – working closely with and supporting our research institutions, inventors and entrepreneurs to broaden the impact of breakthrough discoveries
- Capital – facilitating access to capital, especially early stage funding and strategic collaboration
- Talent – helping to recruit, train and retain the talent needed to grow the life sciences in Washington
- Environment – ensuring that Washington is a great place to start, grow and promote the organizations needed to remain competitive and prosperous